North American OKs Deal With Agent In Fraud Case

Law360, New York (September 21, 2009, 12:58 PM EDT) -- North American Co. for Life and Health Insurance has struck a $600,000 deal with one of its former agents, who was accused of claims including unfair competition and breach of contract for allegedly stealing millions of dollars from the company in a rebate scam crafted at his California agency.

The agreement amount was roughly the same as the commission earned by Michael L. Philpot during his three years as a general agent for North American, according to a joint motion for a determination of a good...